Europe's Crossroads
Romania is a big Central European country that makes big sense right now for big, central production. Its port on the Black Sea gives access to the East and the Middle East, and more and more organizations worldwide are looking for ways to take advantage of this.
That includes the U.S. Air Force, which is moving out of Germany and Turkey and into strategically located Romania. We don't know if this is a plus or a minus long term, either for Romania or for its would-be residents or investors, but we remember that the U.S. military presence in Panama, for example, while it continued, sure proved a boon for that country's economy.
Romanians speak a Latin-based language that is relatively easy for Westerners to decipher (unlike the languages of Croatia and Montenegro, for example). The country's interior is beautiful...but not a likely retirement or full-time living haven...as winters are harsh. Great (and increasingly trendy) choice for a ski getaway, though.
Real estate values continue up, but it is still possible to get a true bargain, both in Bucharest and, especially, beyond.
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| Population | 21.904 million (July 2012) |
| Gross Domestic Product (GDP) | $263.9 billion (2011 est.) |
| GDP Per Capita | $12,300 (2011 est.) |
| Inflation Rate | 4.6% (2007) |
| Currency | Lei (RON) |
| Exchange Rate Versus U.S. Dollar | 3.02 Lei = 1 U.S. Dollar (2011 est.) |
| Language | Romanian |
| Capital | Bucharest |
| Population of Capital City | 2 million (2009) |
| Time Zone | GMT plus 2 |
| Seasons | Distinct seasons: dry, warm springs; wet, hot summers; dry, cool autumns; cold, snowy winters |
| International Dialing Code | 40 |
| Electricity | 230V / 50 Hz; Plug Types: C, F |
| System of Government | Unitary Semi-Presidential Republic |
| Name and Party Affiliation of Current Leader |
Traian Băsescu, Democratic Party |
| Income Tax Rate for Residents | 16% |
| Property Tax | 0.1% to 0.2% |
| Capital Gains Tax | Income from the sale of real property is taxed between 1-3% |
| Inheritance Tax | No, but notary fees may apply. |
| Rental Income Tax | Taxed at income tax rate |
| Transfer Tax | 0.5% to 3% |
| Sales Tax | 24%, 9% and 5% |
| Restrictions on Foreign Ownership of Property |
Foreigners cannot own land directly; must hold through a Romanian corporation |
| Local Chamber of Commerce | www.g77tin.org 22 Nicolae Balcescu Boulevard, Sector 1 Bucharest 79502 Tel: (0040-01) 61 547 03 06 |
| American Chamber of Commerce | www.amcham.ro 11 Ion Campineanu Street Union International Center, 5th Floor Bucharest 010031 Tel: (0040) 21 312 48 34 |
| Primary Exports | textiles, footwear, metals, metal products, machinery and equipment, minerals, fuels, chemicals, agricultural products |
| Residency and Visa Requirements | Tourist Visa: 90 days upon entry Residency: work, temporary resident, permanent stay visas Citizenship: after 5 years of legal residence and proficiency in the Romanian language, culture, and history |
| Special Benefits for Foreign Residents or Retirees | None |
| National Airline | Romanian Air Transport (TAROM) www.tarom.ro |
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